In many countries including India, the government levies different types of taxes on salary and other income. But today we are going to tell you about a country where the government does not levy any tax on the income of its people. Yes, the government does not levy tax in this country. We are talking about the country of Brunei. Where recently PM Narendra Modi also went on his tour.
Brunei
Let us tell you that PM Narendra Modi recently went on a tour to Brunei. But do you know that this country has a low population, but the government provides many facilities to the people here. According to the information, the population of this country is also only 4.50 lakh people. But the lifestyle of the people of this small country is high class. Not only this, the Sultan Hassanal Bolkiah of this small country of the world is included in the list of the richest people, who spends 16 lakh rupees on a haircut. His hair stylists are called in a private chartered plane."text-align: justify;">Tax Haven
In most countries of the world including India, the government collects tax from its citizens on their different incomes. But Brunei is a country where the government does not collect any tax on the personal income of its citizens. This is the reason why Brunei is also called a tax haven. The special thing is that this relief is given not only to the citizens here but also to the expatriates.
Education and health services are free
Let us tell you that the government provides free education and health services to the people of Brunei. Now you must be wondering how Brunei has become so rich. Actually, the rules of Brunei are such that make this country special and tax free. Due to its tax policy and confidential laws, Brunei is called a tax haven, which has been attracting business investors along with giving relief to the common man. There is no tax on the personal income of the people here. In such a situation, this country is special for those people who want to avoid tax. Here a corporate tax of 18.5 percent is levied.
Corporate tax exemption
Apart from this, to promote business in the country, the government gives special exemption in corporate tax to international trade and foreign companies. This is the reason why foreign companies like to start business here. There is no tax on the profit from investment. Apart from this, another specialty of Brunei is its confidential law. It is impossible for any foreigner to get information about the account holders here, because this information remains confidential. There is also no monitoring of currency exchange here. In this way, it becomes easy to take capital out of the country and bring it back here. This is the reason why Brunei is also called a tax haven."text-align: justify;">How did it become a rich country?
Brunei is counted among the rich countries of the world. The reason behind this is that oil was discovered in the Seria region in 1929. The British Malayan Petroleum Company dug the first well in Brunei, which is now called Royal Dutch Shell. Oil gave Brunei a special identity and this country has emerged as an important oil producer. The oil and natural gas of this country are the foundation of its economy. Half of the GDP here is coming through oil and gas.
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